3 Questions
What is the final stage of the invoice lifecycle?
Paid
What is the purpose of voiding an invoice?
To maintain a paper trail
What is the best way to remove a draft invoice?
Delete it
Study Notes
- An invoice goes through five statuses: draft, open, paid, voided, and uncollectible.
- Draft invoices are still editable, but remain unsent.
- Open invoices are the first stage of the invoice lifecycle, and the invoice is awaiting customer payment.
- Paid invoices are the final stage of the invoice lifecycle, and the invoice is ready for shipping.
- Voided invoices are conceptually similar to deleted invoices, but maintain a paper trail.
- Uncollectible invoices are invoices that are unlikely to be paid.
- You can delete a draft invoice at any time.
Test your knowledge of invoice statuses and their meanings in the invoice lifecycle. Learn about draft, open, paid, voided, and uncollectible statuses, and what each status represents in the context of an invoice.
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